Underwriting agency Angel Underwriting has developed an online directors' and officers' (D&O) underwriting system, capable of binding risks of up to £5m
The facility, which was developed in partnership with insurer WR Berkley, is aimed at brokers writing D&O cover for privately-owned small and medium sized businesses with up to £100m in assets.
The facility is available to both UK and Italian brokers, with the Italian version having launched at the beginning of September.
Angel Underwriting chairman Mark Shreeve said two UK brokers had already signed up to the facility.
Shreeve said that in the UK he hoped to place around £2.5m in gross written premiums through the system in the first 12 months.
Under the system, brokers are asked a series of qualifying questions about the risk, which will indicate whether they will be able to generate a quote through the system, reducing the number of system-generated referrals.
Shreeve said the facility was aimed at brokers who did not want to fill out a 10-page application form for relatively low premium business.
Claims reporting and handling facilities are planned as further additions to the system, as well as a roll-out to other European countries.